Moody’s Investors Service has announced that it has downgraded the issuer ratings of Steinhoff International Holdings N.V. (Steinhoff) and Steinhoff Investment Holdings Limited, and the senior unsecured notes rating of Steinhoff Europe AG by four notches to B1 from Baa3.

In addition, Steinhoff Investment Holdings Limited's national scale long-term issuer rating was downgraded to Baa3.za from Aa1.za. All ratings were simultaneously put under review for further downgrade, Moody’s said.

The move follows the announcement earlier this week that the Poundland owner was launching an investigation into accounting irregularities within the company.